Let’s Dive Into Section 1071

Date Recorded: February 25, 2025
Presenter: Ginger McCullough, CRCM,  Manager, Forvis Mazars, LLP

During this session we will dive into the key requirements, changes, challenges, recommendations – and, of course, the dates to get you on track. Learn about the who, what, when and how! 

The CFPB has finalized the Regulation B (ECOA) implementing regulations for Section 1071 of the Dodd-Frank Act. The rule requires financial institutions to compile data regarding certain business credit applications and report that data to the CFPB. Section 1071 identified a limited number of small business loan data points that institutions are required to report; it also provided the CFPB authority to add additional data points, (which the CFPB did). Section 1071 also contains a number of other requirements regarding information compiled pursuant to Section 1071, including a requirement that financial institutions restrict certain persons’ access to certain information, requirements regarding maintaining certain information, and requirements regarding the reporting and publication of data.

The purpose of reporting such small business loan data is to facilitate identification of business and community development needs and opportunities for women-owned, minority-owned, and small businesses. The data will be used also for enforcement of fair lending laws as fair lending rules also apply to commercial loans.

This three-hour seminar will provide a solid foundation of the Section 1071 compliance requirements and risks to consider. During Let’s Dive into Section 1071, we will cover:

• Coverage: Who and What
• Key Definitions
• Data Points
• Collection Rules
• Firewall requirements
• Reporting, Recordkeeping and Disclosure
• Effective Dates